Bank Of Africa – BMCE Group’s outstanding consolidated loans increased by 4% to 186.6 billion dirhams (MMDH) in 2019, according to the banking group’s activity report.
Excluding resale of customers, accounts receivable increased by 2.3%, says the same source, adding that customer deposits increased by 5.4% during the same period to MAD 202.8 billion. .
“Bank Of Africa – BMCE Group publishes its first integrated report for the financial year 2019, according to the International Integrated Reporting Board for IIRC – International Integrated Reporting Council -“, stressed the CEO of the banking group, Othman Benjelloun, quoted by this report.
And to continue: “As the name suggests, this report format provides an integrated vision of our group̵
In terms of earnings, the 2019 financial year was marked by the significant strengthening of the Group’s financial base with an increase of 22% in equity, the Group’s share, he said, emphasizing the large-scale capital increase and entry of the new UK shareholder CDC Group Plc.
In addition, Benjelloun stated that the performance indicators have experienced a favorable development, that the consolidated net banking income and the share of the net income group increased by 5% each to 13.9 billion dirhams and 1.9 billion dirhams, respectively. .
The past year was also marked by geographical expansion that arose in Africa’s growing contribution to the Group’s operating and financial results, a stronger presence in Europe and the opening of the first branch of “an African bank in Shanghai,” he noted.
Bank Of Africa also continued its digital transformation process to offer its individual and corporate customers a simplified experience through remote banking platforms, Benjamin added.
This annual report for 2019 is born under exceptional circumstances around the world in the year 2020, due to the health crisis linked to the pandemic in the new coronavirus (covid-19), he noted and noted that if it has resulted in a major economic and social crisis , this crisis is also bearing seeds in a new world.
“We are therefore committed to making this exceptional context that the world goes through, an accelerator of change within the various components of our group, to create more value in the short and long term, in the ultimate interest of our shareholders, our customers and our other stakeholders both in Morocco and in our various locations, ”concluded the CEO of BOA.